Bitcoin (COIN:BTCUSD) slid below $90,000 on Tuesday, marking its weakest level in almost seven months as growing doubts about a Federal Reserve rate cut and a lack of fresh U.S. economic data pushed traders out of risk-heavy positions.
The token was last down 5.4% at $90,091.5 as of 00:22 ET (05:22 GMT), after briefly dipping to $89,471.4 — a drop of nearly 30% from the late-October high above $126,000. Momentum worsened after Bitcoin broke its $94,000 support and triggered a bearish technical “death cross.”
Concerns over the December Fed meeting dominated sentiment, especially after policymakers, including Chair Jerome Powell, indicated they were not yet ready to ease policy further. The absence of timely U.S. data following the government shutdown has added another layer of uncertainty.
Outflows from spot Bitcoin ETFs and steep declines in crypto-related equities also pressured the market, while the latest wave of forced liquidations in derivatives trading accelerated the downturn. Analytics firms estimate that more than $19 billion in leveraged crypto positions were wiped out in a single day earlier this month.
Bitcoin’s retreat to levels last seen in April underscores how quickly confidence has deteriorated amid geopolitical tensions and shifting expectations for U.S. policy moves.
Altcoins tumbled in tandem: Ethereum dropped 5.6%, XRP lost 4.4%, Solana slipped 4%, Cardano fell 5%, and Polygon retreated 3%. Meme coins also weakened, with Dogecoin down 4% and $TRUMP edging 1% lower.
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